Should the Cyprus Deposit Levy Be Scrapped?

Cyprus's bailout, is the first one in the four-year old euro zone debt crisis to penalize savers, via a deposit levy.

Under the bail-in as it's called, savers will get equity in the bank in return for a levy of 9.9 percent on accounts above 100,000 euros and 6.75 percent on accounts below that.

The move has been severely criticized for harshly confiscating money from ordinary savers, many of whom rushed to ATMs over the weekend to withdraw cash. It's also led to a sharp sell-off in Asian markets and the euro, while European stocks are called sharply lower.

Meanwhile, Cyprus officials are seeking to change the terms of the bailout after a strong political backlash.